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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD above strong support, prepare to buy on dips

Price is above major support at 1.2861 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect price to make a bounce above this level towards 1.2988 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is also seeing strong support above the 13% area where we expect further bullish action from.

Buy above 1.2861. Stop loss at 1.2798. Take profit at 1.2988.

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The material has been provided by InstaForex Company - www.instaforex.com